How to tackle cyber threats: Smarter incident management for financial institutions

India Today

08-07-2025

Financial institutions are increasingly under threat from sophisticated cyberattacks. From phishing scams and ransomware to deepfake fraud and insider breaches, the tactics used by attackers are constantly evolving. As these threats grow in complexity and frequency, traditional security tools often struggle to keep pace. This makes robust incident management a critical component of cybersecurity in the financial sector.advertisementTHE EVOLVING NATURE OF CYBER THREATSModern attackers are adopting advanced technologies such as artificial intelligence and machine learning to enhance their methods. These tools allow them to bypass legacy defenses, automate attacks, and exploit vulnerabilities at scale. As a result, financial institutions must adopt faster, smarter, and more coordinated response mechanisms.WHY INCIDENT MANAGEMENT IS A CORE NEED IN THE FINANCIAL SECTORIn finance, time is money. Even a few minutes of system downtime can lead to missed transactions, angry customers, and long-term brand damage. Financial organizations also face strict regulations and must maintain high levels of trust.
Security teams often receive thousands of alerts daily from various sources like cloud platforms, endpoints, emails, and third-party integrations. Without an effective system to prioritize and act on these alerts, there is a high risk that critical threats may go unnoticed.Incident management helps teams bring structure and speed to their responses, ensuring that threats are handled promptly and efficiently.WHAT EFFECTIVE INCIDENT MANAGEMENT LOOKS LIKEConsolidated alerts are a key feature of modern incident management. By grouping related notifications into one incident, teams can cut down on noise and focus on what matters most.Custom workflows allow institutions to tailor their response mechanisms based on internal policies and regulatory requirements, improving decision-making during high-stress events.Real-time collaboration tools make it easier for cybersecurity, compliance, and leadership teams to work together using shared dashboards.Comprehensive audit trails are crucial for financial institutions. With regulations such as PCI DSS, SOX, and GDPR, detailed logs of all actions taken during an incident are essential for accountability and legal compliance.Role-based access ensures sensitive information is only visible to authorised personnel. At the same time, executives and decision-makers need clear, jargon-free summaries to act quickly and effectively.INTEGRATING INCIDENT MANAGEMENT INTO A LARGER SECURITY STRATEGYIncident management becomes even more powerful when it's part of an integrated cybersecurity ecosystem. Financial institutions should complement it with:Threat intelligence to stay updated on sector-specific risksAttack surface visibility to identify and secure all digital entry pointsDark web surveillance to monitor for leaked credentials or sensitive informationadvertisementVulnerability management to prioritize patching based on real-world threatsExecutive protection to guard key personnel against impersonationCloud security posture management to maintain secure cloud infrastructureHOW CYBLE SUPPORTS INCIDENT MANAGEMENT IN FINANCEAnkit Sharma, Senior Director and Head – Solutions Engineering at Cyble, highlights how Cyble's incident management system helps financial organizations cut through alert overload. The platform can consolidate up to 10,000 related alerts into a single incident, allowing teams to focus on actual threats.What sets it apart is its integration with other critical security functions like dark web monitoring, vulnerability assessments, brand protection, and executive threat tracking. This unified approach strengthens a financial institution's ability to detect and respond to modern threats like phishing, deepfakes, and data leaks.STAYING AHEAD IN A HIGH-RISK ENVIRONMENTIn today's digital world, financial institutions can't afford to be reactive. Proactive incident management, powered by real-time intelligence and collaboration, helps prevent small vulnerabilities from turning into major breaches.A well-structured incident management system not only reduces operational risk and regulatory exposure but also reinforces customer trust—one of the most valuable assets in the financial industry.- Ends